Research On The Effect Of Shaanxi Coal Chemical Bond Swap On Financial Performance

The continuous impact of the economic crisis makes the profitability of our enterprises decline seriously,the leverage ratio is high,the debt burden is more and more heavy,and the operation of the company is also difficult.In order to solve the high leverage of enterprises and improve the situation of economic downlink,debt equity swap is reappearing in the field of vision again.By means of marketization and rule of law,comprehensive measures have been taken to gradually reduce the leverage ratio of non-financial enterprises.In this paper,a case of Shaanxi local state-owned enterprises Shaanxi coal group debt to equity swap is selected to study the problem of whether debt equity swap can reduce enterprise leverage,improve investment and financing behavior and enhance enterprise value.The article summarizes the research status of debt to equity swap,and makes a systematic analysis of the debt to equity swap of Shaanxi and Shaanxi Based on relevant theories.This paper analyzes the industry status of Shaanxi coal chemical industry,the motivation of carrying out the transfer of debt to equity and the implementation plan of debt to equity swap,and analyzes the effect of debt equity transfer on the financial performance of Shaanxi coalification from the following aspects:from the financial indicators and investment and financing dimensions before and after the debt to equity swap,the short-term effect of debt equity transfer on its financial performance is studied.From the perspective of value,this paper studies the long-term impact of debt to equity swap on its financial performance.The main research results are as follows:(1)debt to equity swap can significantly improve the debt level of enterprises,reduce leverage,enhance operational capacity and reduce financial risks;(2)the implementation of the debt to equity swap can improve the corporate governance structure,reduce the underinvestment and excessive investment behavior,improve the level of enterprise debt financing,and make the investment and financing behavior more reasonable.(3)debt to equity swap can improve the value level of enterprises and achieve sustainable development,which will help to enhance the stability of China's macro-economy.The study shows that as the first local AMC and city commercial bank to participate in the implementation of debt to equity swap,the debt transfer stock of Shaanxi coal is of far-reaching significance.It can not only provide some reference for other enterprises to carry out the debt to equity swap,but also a new model for debt to equity swap.